Should You Buy a House With Mold?

If you are asking should I buy a house with mold, the answer is often yes, provided three things are known before you commit: what caused the moisture, how far the growth goes, and what it costs to fix both. Mold from a correctable cause with a written quote is a repair item. Mold with an unknown or unfixable water source is a reason to slow down or walk away.

When buying a house with mold makes sense

• The cause is obvious and inexpensive to correct, such as a bath fan venting into the attic or a downspout emptying beside the foundation.
• The growth is limited to one area and you can see its edges.
• The wood is stained but solid.
• You have a written remediation quote, and the price or a credit reflects it.
• The work can be finished before you move in, with a report to show for it.

Houses like this often scare off other buyers, which can leave room to negotiate. Most attic jobs here run $2,300 to $6,500 and most basement jobs run $1,200 to $9,500, so the repair is frequently small beside the purchase price.

When to walk away

• Water is still coming in and nobody can say from where.
• The fix depends on major work with an open-ended cost, such as foundation or drainage repairs that nobody has quoted.
• Framing, subfloor or sheathing is soft or crumbling over a wide area.
• Finished walls or floors hide the extent and the seller will not allow any further investigation.
• There are signs of a cover-up, such as fresh paint over one patch of basement wall.
• The numbers only work if everything goes right.

None of these makes a house unbuyable at any price. They make it a project, and a project should be priced by someone who has seen inside the wall.

Should I buy a house with mold if someone in my family has asthma?

Health Canada advises that indoor mold be removed whatever the type, because it can irritate the airways and make asthma and allergies worse. People with asthma, allergies or weakened immune systems, infants and seniors are more susceptible. That does not rule the house out. It changes the order of things: the remediation should be finished, the moisture source corrected and the area dry before your family moves in. Talk to your doctor about concerns for a particular person. We cannot tell you how any individual will react, and neither can a lab report.

What to find out before you decide

1. The cause. Ask the inspector, then ask the remediation company to name it in the quote.
2. The extent. Request photos of the whole area, including wide shots. Where finishes hide it, a moisture inspection with a thermal camera and moisture meter runs $249 to $549.
3. The full cost. That means mold removal, the repair to the cause, and any rebuild of drywall or flooring. We do mitigation only, so the rebuild is quoted by a contractor.
4. The history. Ask the seller, through your agent, about past leaks, floods, sewer backups and insurance claims.
5. The timeline. Confirm the work fits before closing or before your move-in date.

Mortgage and insurance questions to ask early

Tell your mortgage broker and insurance broker what the inspection found before your conditions come off. Home insurance generally covers sudden, accidental water damage and generally does not pay for mold or moisture problems that existed before you bought. Policies differ, and so do lender requirements. Some insurers ask about known water problems on the application, and those questions need honest answers. A remediation report and proof that the cause was repaired make these conversations simpler. Your brokers can tell you what their companies need.

The older-home factor around London

Many homes in Old North, Wortley Village and Old East have stone, brick or block foundations that were never meant to be bone dry, and the clay-heavy soil here holds water against them. Some dampness in an unfinished basement of that age is common and manageable with drainage, grading and a dehumidifier. The same dampness behind new drywall and carpet is a different matter. Judge an older house by how its basement has been finished and maintained more than by its age.

Before your condition deadline, get the cause, the extent and the cost on paper. If you can fill in all three, you have what you need to decide. If any one is blank, ask for more time or more access before you firm up.

Common questions